ACFR FY 2023 Final - Flipbook - Page 10
INTRODUCTORY SECTION
City of Eustis, Florida
In addition to the above activities, the City exercises oversight responsibility for the Community
Redevelopment Agencyÿ Accordingly, these activities are included in the reporting entity and
reflected in Note 1 in the Notes to the Financial Statementsÿ
The City utilizes a Commission/manager form of governmentÿ Five Commission members are elected
to staggered four-year termsÿ Each year the Commission chooses a new mayor and Vice mayor from
the existing group of Commissioners. Elections are held on the orst Tuesday after the orst Monday
in November, and the winners take a seat during the orst meeting in January.
The City manager is a full-time position appointed by the Commission and serves as the City9s Chief
Executive/Administrative Ofocer. The City Manager, per the charter, appoints both the Finance
Director and the City Clerkÿ Once the City manager appoints these positions, the City Commission
must also approve the positionsÿ The charter authorizes departments for Finance, police, Fire, Water,
Sewer, and public Worksÿ Other departments may be established by ordinance upon the recommendation of the City managerÿ A Director shall head each department, subject to the discretion of
the City managerÿ
The annual budget is the City9s onancial planning and control foundation. All City departments are
required to submit requests for appropriations to the City managerÿ The City manager uses these
requests to develop the proposed budgetÿ The City Commission must approve all purchases over
$50,000 in addition to any amendments to the budgetÿ Staff prepares a resolution for any increase
in expenditures to amend the budgetÿ
The City manager presents the proposed budget to the City Commission for review no less than
forty-ove (45) days before the expiration of each oscal year. The City Commission must hold two (2)
public hearings on the proposed budget and adopt a onal budget no later than September 30th, the
close of the City9s oscal year. The appropriated budget is prepared by fund, function, and program.
budgets for all governmental fund types are adopted consistent with generally accepted accounting
principlesÿ budget-to-actual comparisons are provided for each governmental fundÿ
The City also prepares a Five-Year Capital Improvement plan, which is reviewed and updated annuallyÿ The Five-Year Capital Improvement plan provides a Citywide plan for utility improvements,
equipment replacements, and growth-related projectsÿ The plan details the development of revenue
projections and capital needs assumptionsÿ The Sales Tax Capital projects Fund revenue also provides
funding for many improvements that beneot the community, such as infrastructure, police and ore
vehicles, equipment, and parks and recreation enhancementsÿ
budgeted revenue and operating expenditures are currently very conservative and calculated
based on the most recent history of revenue with a modest increase in expendituresÿ In addition
to the general assumptions, each department estimates the workforce and equipment necessary
to maintain adequate service levelsÿ The City maintains a healthy unassigned fund balance in the
General Fund of $17ÿ6 million, which is 97ÿ7% of the total fund balance, which includes an emergency contingency of $405,873ÿ
10
Annual Comprehensive Financial Report | September 30, 2023
Back to TOC
